Benzinga | Nov 5, 2021 10:48AM EDT

Why Uber Shares Are Trading Higher Today

Uber Technologies (NYSE:UBER) is trading higher after the company announced better-than-expected third-quarter financial results.

Uber reported a quarterly adjusted earnings loss of 21 cents per share, which beat the estimate for a loss of 33 cents per share. The company reported quarterly revenue of $4.84 billion, which beat the estimate of $4.42 billion.

Uber reportedly said that October was the best month in the company's 12-year history.

"Our early and decisive investments in driver growth are still paying dividends, with drivers steadily returning to the platform, leading to further improvement in the consumer experience," said Dara Khosrowshahi, CEO of Uber.

* Wedbush analyst Ygal Arounian maintained Uber with an Outperform rating and raised the price target from $51 to $57.

* MKM Partners analyst Rohit Kulkarni maintained Uber with a Buy rating and lowered the price target from $68 to $62.

UBER Price Action: Uber has traded as high as $64.05 and as low as $38.08 over a 52-week period.

The stock was up 4.51% at $47.31 at time of publication.